The NBA Board of Governors announced today that it will contribute $300 million in initial funding to establish the first-ever NBA Foundation dedicated to creating greater economic empowerment in the Black community.
The Foundation is being launched in partnership with the National Basketball Players Association.
Over the next 10 years, the 30 NBA team owners will collectively contribute $30 million annually to establish a new, leaguewide charitable foundation.
Its mission is to drive economic empowerment up for Black communities through employment and career advancement.
The NBA Foundation will seek to increase access and support for high school, college-aged and career-ready Black men and women, and assist national and local organizations that provide skills training.
Also it will provide mentorship, coaching and pipeline development in NBA markets and communities across the United States and Canada.
As a public charity, the Foundation will also aim to work strategically with marketing and media partners to develop additional programming and funding sources that deepen the NBA family’s commitment to racial equality and social justice.
Through contributions, the NBA Foundation will enhance and grow the work of national and local organizations dedicated to education, employment, specific partnerships with Historically Black Colleges and Universities and more.
“On behalf of the NBA Board of Governors, I am thrilled to announce the creation of the NBA Foundation,” said NBA Board of Governors Chairman and Toronto Raptors Governor Larry Tanenbaum. “All NBA team governors recognize our unique position to effect change and we are committed to supporting and empowering young Black men and women in each of our team markets as well as communities across the U.S. and Canada.”
“The creation of this foundation is an important step in developing more opportunities for the Black community,” said NBPA President Chris Paul according to a league press release.
The Foundation will work directly with all 30 teams, their affiliated charitable organizations and the NBPA to support national organizations.
“We are dedicated to using the collective resources of the 30 teams, the players and the league to drive meaningful economic opportunities for Black Americans,” said NBA Commissioner Adam Silver according to a league press release.
The 30 NBA teams will be members of the NBA Foundation with its eight Board of Directors comprised of representatives from the NBA Board of Governors, players and executives from the NBPA and the league office.
The Foundation’s board will oversee all business affairs and provide strategic direction with respect to programming and grantmaking.